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Stock Investments Suffer On Concerns About Greece And Unemployment

Posted by: RateAPY Bank Rates News
February 25th, 2010

Federal Reserve Chairman Ben Bernanke continued his Congressional testimony today before the Senate Banking Committee. Stock investments fell dramatically as the testimony began to cover what could be serious issues with U.S. banks’ involvement with credit default swaps sold to Greece. Goldman Sachs and other companies may have used creative derivatives to help Greece hide its debt. The Standard & Poor’s rating agency made comments yesterday that Greece’s bonds could be considered junk by month end. Greece’s financial instability is a threat to the whole Euro zone.

Equity Investments Languish as Unemployment Climbs

Unemployment numbers added to the banking woes causing further pressure on equity investments. Weekly jobless claims climbed unexpectedly to the highest level in months, surprising many economists. Concerns about unemployment overshadowed the positive economic news. The market did not seem to give any credit to healthy numbers from the Commerce Department or the good earnings report from Dr. Pepper Snapple Group.

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